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AMERICAS
NFE, an integrated gas-to-power company, and Apollo, an asset management company, formed a $2bn joint venture, create a global marine infrastructure platform underpinned by long-term contracts.
“Together with Apollo, we are creating a leading LNG marine infrastructure platform to help accelerate the energy transition while freeing up capital to continue to invest into our Fast LNG and downstream LNG projects worldwide. We are pleased to be partnering with Apollo in creating a maritime infrastructure company that will help support NFE’s growing LNG infrastructure needs going forward,” Wes Edens, New Fortress Energy Chairman and CEO.
NFE was advised by DNB Bank, Morgan Stanley and Akin Gump Strauss Hauer & Feld. Apollo was advised by BMO Capital Markets, Investec, Paul Weiss Rifkind Wharton & Garrison and Vinson & Elkins. Debt financing was provided by Brookfield Group, Carlyle Global Credit, Global Infrastructure Partners and HPS Investment Partners. Debt providers were advised by Milbank.
Galaxy Digital, a diversified financial services and investment management company, failed to acquire BitGo, a digital asset financial services provider, from Jump Capital, a private equity firm, for $1.2bn.
“Galaxy remains positioned for success and to take advantage of strategic opportunities to grow in a sustainable manner. We are committed to continuing our process to list in the US and providing our clients with a prime solution that truly makes Galaxy a one-stop shop for institutions,” Mike Novogratz, Galaxy Digital CEO and Founder.
Gurnet Point Capital, a private equity and venture capital firm, and Patient Square Capital, a health care investment firm, completed the acquisition of Radius Health, a biopharmaceutical company, for $890m.
“We are delighted to be acquiring Radius and providing additional resources to the Company during this critical time. We fully believe in the value of the Company’s portfolio and are looking forward to working closely with the Company to deliver a positive impact for patients,” Travis Wilson, Gurnet Point Partner.
Radius Health was advised by JP Morgan, Ropes & Gray and Gagnier Communications. Patient Square was advised by Kirkland & Ellis and Dukas Linden Public Relations. Gurnet Point was advised by Goldman Sachs, Latham & Watkins and Abernathy MacGregor Group. Debt financing was provided by OrbiMed Advisors. OrbiMed Advisors was advised by Covington & Burling.
Thoma Bravo, a US-based private equity firm, completed the acquisition of SailPoint, an Austin Texas tech company that provides identity management and governance for unstructured data access, for $6.9bn.
"Identity security is core to cyber security and businesses have realized that to fuel business growth and success, they must start with identity as the foundation for secure business transformation. We've experienced rapid growth and see a tremendous opportunity ahead of us to continue to set the pace in the identity security market as the category leader," Mark McClain, SailPoint Founder and CEO.
SailPoint was advised by Morgan Stanley, Goodwin Procter and ICR. Morgan Stanley was advised by Cooley. Thoma Bravo was advised by Kirkland & Ellis and Finsbury Glover Hering. Debt financing was provided by Blackstone, Golub Capital and Owl Rock Capital.
Freeman Spogli, a private investment firm, agreed to invest in NearU Services, a provider of repair services focused on HVAC. SkyKnight Capital will remain a significant shareholder alongside Freeman Spogli. Financial terms were not disclosed.
"NearU’s partnership with Freeman Spogli represents a seminal and thrilling moment in the company’s journey. This partnership—along with a continued commitment from our inaugural and instrumental investor, SkyKnight—will allow us to continue executing on our vision. With the backing of these two culturally aligned best-in-class investors, the unwavering support of our talented team members, and the continued loyalty of our customers, I am supremely confident that NearU will soon realize its potential to be the long-term industry leader, setting the standard for innovation, culture, training, and technology in the trades," Ashish Achlerkar, NearU Founder and CEO.
Freeman Spogli is advised by Solomon Partners and Morgan Lewis & Bockius. Debt financing is provided by Carlyle Global Credit, Churchill Asset Management, Jefferies & Company and Varagon Capital Partners. NearU Services is advised by Jefferies & Company and Troutman Pepper.
I Squared, a global infrastructure investment manager, completed the acquisition of VLS Environmental Solutions, a provider of waste processing solutions, from Aurora Capital Partners, a middle-market private equity firm. Financial terms were not disclosed.
"It has been exciting to work alongside the VLS team and help transform the Company from a Southeast-focused provider to a leading ESG-focused environmental solutions platform with nationwide scale and a broad-based environmental services offering. VLS has grown tremendously since our partnership in 2017, including the completion of nine acquisitions to support our buy and build strategy, and there is significant runway to continue this strong performance across its business lines. We wish the Company, its management and its new partners continued success," Matthew Laycock, Aurora Partner.
Aurora Capital was advised by Houlihan Lokey, Robert W Baird, Gibson Dunn & Crutcher and ASC Advisors. I Squared was advised by Jefferies & Company, Kirkland & Ellis and Brunswick Group.
KKR completed the acquisition of Barracuda Networks, a provider of cloud-first security solutions, from Thoma Bravo, a software investment firm, for $4bn.
"We believe that with the support of KKR, we will continue to invest in growth and foster a culture that gives our team the resources and inspiration to continue to create and deliver the next generation of leading cybersecurity solutions for our customers and partners. We are very appreciative of Thoma Bravo's support and very excited to be working with KKR on this next phase of Barracuda's journey," Hatem Naguib, Barracuda CEO.
KKR was advised by Barclays, DBO Partners, Guggenheim Partners and Simpson Thacher & Bartlett. Thoma Bravo was advised by JP Morgan, Kirkland & Ellis and Finsbury Glover Hering.
Crestview Partners, a private equity firm, completed the investment in Digicomm International, a Colorado-based value-added broadband distributor and reseller. Financial terms were not disclosed.
"We are excited to have Crestview as our partner for this next phase in Digicomm's growth and evolution. Our focus on providing industry-leading products and services in an efficient manner to our customers is unwavering, and we look forward to having the additional scale and operational resources necessary to further drive these efforts. We are proud of the results we have achieved over the past 28+ years and believe Crestview's investment will enable us to build meaningfully as we plan for the future," Rob Donziger, Digicomm CEO.
Digicomm International was advised by Moelis & Co and Brownstein Hyatt Farber Schreck. Crestview Partners was advised by Bank of America, Barclays, Davis Polk & Wardwell and Kekst CNC.
PSG, a private equity firm, completed an investment in Addigy, a SaaS-based Apple device management provider. Financial terms were not disclosed.
“This is a space we have been watching for some time, and in our view, the product Jason and his team developed and brought to the MDM market fills a key need for IT teams and MSPs, specifically with its understanding and expertise of the macOS software. We believe Addigy’s platform provides an agile solution with the ability to scale and support Apple device integration for businesses as they grow. We are excited to work with the team to bring this solution to a broader range of corporations and MSPs,” Rick Essex, PSG Managing Director.
Addigy was advised by Cascadia Capital, Reinhart Boerner Van Deuren and CJ Media. PSG was advised by Weil Gotshal and Manges and Prosek Partners.
One Equity Partners, a private equity firm, completed the acquisition of Gamut, a digital media services company, and CoxReps, a diversified, cross platform seller of local advertising, from Cox Media Group, an American media conglomerate. Financial terms were not disclosed.
"We are excited to complete the acquisition of Gamut and CoxReps, which together manage more than $1.5bn in combined annual media spend, spanning both linear and connected television. Both Gamut and CoxReps are leaders in local video advertising, perfectly poised for further investment to support and grow their long-standing relationships with station group clients, CTV publishers, and agency customers," Andrew Dunn, OEP Managing Director.
One Equity Partners was advised by Latham & Watkins and Stanton PRM. Cox Media Group was advised by Progress Partners, Fenwick & West, Morgan Lewis & Bockius and Perkins Coie.
Partners Group, a private equity firm, agreed to acquire a minority stake in CVC Capital-backed VelocityEHS, an EHS software company. Financial terms were not disclosed.
"Our thematic research identified EHS as an attractive sub-sector of the US software market due to its large size, strong secular growth trends, and fragmented landscape. VelocityEHS is a market-leading SaaS platform in this space, with a comprehensive product portfolio, and we have strong conviction in its future prospects. We look forward to working with management and our partners at CVC on scaling VelocityEHS further and executing on the value creation plan," Chris Russell, Partners Group Managing Director.
VelocityEHS is advised by Burns & Levinson. CVC Capital is advised by William Blair & Co and Weil Gotshal and Manges. Partner Group is advised by PricewaterhouseCoopers and Ropes & Gray.
Audax Private Equity, a middle market private equity firm, agreed to acquire Rensa Filtration, a manufacturer of consumable, mission-critical air filtration products. Financial terms were not disclosed.
"We're thrilled to be partnering with Brandon and the talented team at Rensa to help drive growth, both organically and through strategic M&A. With our investment, Rensa will be well-positioned to deepen relationships with key customers and channels, expand the Company's manufacturing footprint and capabilities, and increase exposure to rapidly growing markets," Joe Rogers, Audax Private Equity Managing Director.
Rensa Filtration is advised by Robert W Baird and Vedder Price. Audax is advised by Lincoln International, Ropes & Gray and FGS Global.
Freeman Spogli, a private investment firm, agreed to invest in EverVet Partners, an operator of a holding company specializing in the veterinary industry. Existing investor Tailwind Capital will continue to support the company and will be an equal partner with Freeman Spogli following the transaction. Financial terms were not disclosed.
"We are excited to partner with Freeman Spogli as EverVet continues building a veterinarian and customer-focused organization. We chose Freeman Spogli as our new partner given our cultural alignment, their extensive experience successfully building consumer services and consumer healthcare brands, and experience scaling businesses organically and through M&A," Joe Luceri, EverVet Co-Founder and CEO.
Freeman Spogli is advised by Morgan Lewis & Bockius. Debt financing is provided by MidCap Financial Services. EverVet Partners is advised by Lincoln International and Davis Polk & Wardwell.
Creative Planning, a wealth management firm, agreed to acquire Wipfli Financial Advisors, a wealth management and investment advisory firm. Financial terms were not disclosed.
"Creative Planning is excited to bring on the Wipfli Financial Advisors team. Their presence in Colorado, Illinois, Minnesota, New Hampshire, Montana, Pennsylvania, and Wisconsin will help us better serve our clients throughout the US. From our first conversations with Jeff Pierce and the rest of the Wipfli Financial team, it was evident that this was a perfect match. Wipfli Financial shares the same core values that we instill at Creative Planning and we are excited to hit the ground running," Peter Mallouk, Creative Planning CEO.
Wipfli is advised by Ardea Partners and Alston & Bird. Creative Planning is advised by JConnelly.
HIG Capital, a private equity and alternative assets investment firm, agreed to acquire the distribution business of Avient, a global provider of sustainable and specialized material solutions, for $950m.
"As expected, there were multiple buyers interested in acquiring the Distribution business, and it was a competitive process. Ultimately, we selected HIG Capital based on the strength of their proposal, which values the business at approximately 10x LTM EBITDA and includes no financing contingencies. We are also confident that HIG will make an excellent home for the Distribution business and a good partner for Avient as both a supplier and a customer," Robert M. Patterson, Avient Chairman, President and Chief Executive Officer.
Avient is advised by Goldman Sachs, Moelis & Co and Jones Day.
BlackRock, an American global investment management corporation, led a $550m funding round in Virgin Voyages, an operator of a leisure, travel and tourism company, with participation from Bain Capital and Virgin Group.
The new funding will enable Virgin Voyages to continue the execution of its growth strategy and further strengthen its financial position as cruise demand continues to gain momentum.
“We have created an incredible product that both our investors and consumers truly believe in, and this additional capital comes at a time when we’re looking forward to exponential growth that will, in turn, help us achieve what we set out to accomplish," Tom McAlpin, Virgin Voyages CEO.
Virgin Voyages was advised by Goldman Sachs and Stanton PRM.
Francisco Partners, a private equity firm, agreed to acquire Litmos, a developer of a saas-based learning management platform from SAP, a firm that develops, markets, and sells enterprise application software products for corporations, government agencies, and educational institutions. Financial terms were not disclosed.
“We are tremendously excited to partner with Litmos to further unlock its growth potential and deliver even more to its customers and partners. As an independent company partnering with FP, Litmos will have more flexibility to focus all of its investments and operations on customer success and increase its customer happiness by augmenting platform capabilities, proprietary content library, and third-party integrations," Jason Brein and Christine Wang, Francisco Partners.
SAP is advised by Shearman & Sterling and Sloane & Company.
Shamrock Capital, a private equity firm, led a $110m Series D round in VidMob, a platform for Intelligent Creative, with participation from ID Fund, DraftKings, eGateway, PROOF, Adobe, Shutterstock, BuildGroup and Spruce House.
“We are proud to have had Shamrock Capital lead our latest investment, which will accelerate the power of creative data to help customers, agencies and brands refine their messages to be more clear, powerful, and effective. Their investment is a testament to the quality of VidMob’s technology, the positive impact that our customers experience every day, and the opportunity ahead,” Alex Collmer, VidMob CEO and Co-Founder.
VidMob was advised by Cooley. Shamrock Capital was advised by Willkie Farr & Gallagher.
Behrman Capital, a private equity firm, completed the acquisition of George Industries, a designer and manufacturer of mission-critical and highly engineered components for the defense, aerospace and industrial sectors. Financial terms were not disclosed.
"George Industries has an impressive reputation and is well-positioned to take advantage of the growing need for thermal management products serving high-reliability industries, particularly in the defense sector. This transaction builds upon our strong defense and aerospace industry track record, following recent acquisitions of Micross, kSARIA and previous highly successful investment in Data Device Corporation. We are very enthusiastic about our new partnership with George Industries, and we see significant potential in the next stage of the Company's growth trajectory both through organic initiatives and select acquisitions as we build around the Company's thermal management capabilities. We look forward to partnering with the leadership team and continue the legacy that has been built through 60 years of operations," Grant G. Behrman, Behrman Capital Managing Partner.
George Industries was advised by Houlihan Lokey. Behrman Capital was advised by Kekst CNC.
Waste Connections, a waste management company, completed the acquisition of Lone Star Disposal, a garbage collection firm, from J.F. Lehman, a private equity firm. Financial terms were not disclosed.
"We are proud of the growth we have achieved over the past three years. JFLCO has been instrumental in identifying and supporting critical value creation efforts across our business. We are grateful for JFLCO's support and look forward to continuing this momentum within the Waste Connections family," Brett Sarver, Lone Star President.
J.F. Lehman was advised by Houlihan Lokey, Robert W Baird and Shearman & Sterling.
Merck, an American multinational pharmaceutical company headquartered in Rahway, New Jersey, led a $221m Series B round in Orna Therapeutics, a biotechnology company pioneering a new class of fully engineered circular RNA therapies, with participation from MPM Capital and BioImpact Capital.
"In under three years, Orna has taken proprietary circular RNA from academic literature to the first proof of concept data in preclinical models. Investors continue to recognize our premier technology and the hard work of our team, and we are pleased to see such unwavering belief in the potential of circular RNA to revolutionize how we treat disease," Tom Barnes, Orna CEO.
Orna Therapeutics was advised by SVB Securities.
Apax Partners, MSD Partners and Sixth Street led a $170m Series E round in Guesty, a property management platform for the short-term rental and hospitality industry, with participation from Viola Growth and Flashpoint.
"As alternative property management operations become more complex, Guesty is paving the way for the next generation of digital hospitality services. Their track record of success and innovation, along with their platform's growing suite of tools and intuitive user experience has Guesty positioned to define and consolidate its category, working with hosting businesses of all sizes. We are excited to continue partnering with the company as it continues to transform the industry," Dave Evans, Apax Partner.
Guesty was advised by JP Morgan.
Flagship Pioneering, an American life sciences venture capital company, led a $123m Series C round in Senda Biosciences, a company that is harnessing nature to program targeted, potent, and tunable medicines, with participation from Samsung Life Science Fund, Qatar Investment Authority, Bluwave Capital, Stage 1 Ventures, Alexandria Venture Investments, Longevity Vision Fund, Mayo Clinic, Partners Investment, and State of Michigan Retirement System.
"Senda is pioneering the development of comprehensively programmable medicines with the potential to reach previously inaccessible cells, tissues, and organs. We believe our approach could transform the lives of patients in need of novel treatments, and so we're delighted to have attracted support from investors who recognize this potential and its significance," Guillaume Pfefer, Senda Biosciences CEO.
Senda Biosciences was advised by Little Dog Communications.
Thompson Street Capital Partners, a private equity firm, completed the acquisition of OrboGraph, a provider of automated healthcare payments reconciliation services. Financial terms were not disclosed.
"This acquisition brings together two great assets in RMS and OrboGraph. I look forward to working with RMS to integrate the healthcare services of the businesses and to continue to lead and focus on the growth of our check business as a stand-alone division within RMS,” Barry Cohen, OrboGraph CEO.
Thompson Street Capital Partners was advised by BackBay Communications.
General Atlantic, a global growth equity firm, led a $150m Series D round in HiBob, the company behind Bob, the HR platform transforming how organizations operate in the modern world of work, with participation from Bessemer Venture Partners.
"HiBob's ability to grow alongside its largest customers and move with them into new geographies is a remarkable sign of execution. We are proud to continue our support for the company with another significant investment from our fund," Adam Fisher, Bessemer Venture Partner.
Valueact Capital Partners, an investment company, completed the acquisition of a 6.7% stake in New York Times, an American mass media company, for $350m.
“Our research suggests that most current readers and subscribers are interested in the bundle and would pay a large premium for it but are not aware the offering even exists. This is an opportunity we believe management needs to drive with urgency, as it is the biggest lever to accelerate growth, deepen NYT’s competitive moat, and ensure the long-term strength and stability of the platform,” ValueAct.
Dragonfly Capital, a crypto venture company, completed the acquisition of MetaStable Capital, a cryptocurrency asset hedge fund. Financial terms were not disclosed.
“The bear market has caused a lot of traditional funds and crossover funds to exit the crypto market. We’re the opposite: we’re going deeper, and committing to our crypto-native roots.” Haseeb Qureshi, Dragonfly Managing Partner.
KnownHost, a privately held professional web hosting company, completed the acquisition of Comfort Host, a provider of web hosting services, from Cloud Equity Group, a private equity firm with an investment focus in companies within the technology-enabled business services. Financial terms were not disclosed.
"We're very proud of what we've accomplished during our partnership with ComfortHost. Over the past six years, the company has experienced tremendous growth and has further solidified its position as a market leader in high-performance hosting services. KnownHost is the perfect new partner to help ComfortHost continue its momentum, and we look forward to hearing about its ongoing innovation and success," Sean Frank, Cloud Equity Group Managing Partner.
OTPP, FountainVest vie for EQT's stake in GPA Global.
Ontario Teachers' Pension Plan Board, one of Canada's largest public-sector pension managers, is among shortlisted bidders to acquire a stake in specialty packaging company GPA Global from buyout firm EQT, Bloomberg reported.
OTPP, as the investment firm is known, is competing with Asian private equity firm FountainVest Partners. Talks are advanced and a buyer could emerge within the next few weeks.
Activist Investor Elliott takes large stake in Cardinal Health.
Elliott Management, the activist investor firm, has taken a large position in drug distributor Cardinal Health and is seeking seats on the company’s board, Bloomberg reported.
The investment firm nominated five directors to Cardinal’s 11-person board roughly two weeks ago, before Cardinal announced that Chief Executive Officer Mike Kaufmann would step down.
Elliott takes 3.7% stake in Aerojet Rocketdyne.
Elliott Investment Management, which has a history of bidding for companies in the US defense sector, has bought a sizable stake in Aerojet Rocketdyne, Bloomberg reported.
The Florida-based hedge fund said it owned a 3.7% of Aerojet. While the investment is a passive one for now, the investment firm has made acquisitions of companies of a similar size in the sector. Last year it bought Cubic, along with Veritas Capital while it also had unsuccessful takeover bid for Mercury Systems.
Vistria Group weighs a minority stake sale.
Vistria Group, an investment firm, is exploring the sale of a stake.
The Chicago-based firm is in early-stage discussions about selling a minority holding. Deliberations are ongoing and there’s no certainty they’ll result in a sale, Bloomberg reported.
Qatar-backed martial arts firm Group One eyeing US IPO.
Group One, the company behind mixed martial arts brand One Championship, is considering a US initial public offering after previously exploring a listing via a blank-check firm.
Group One is changing its legal domicile to the Cayman Islands from its current one in Singapore as a step towards a potential US listing. The company plans to notify the Accounting and Corporate Regulatory Authority, the Singaporean regulator, as early as Monday, Bloomberg reported.
The MMA firm in December raised $150m in an equity financing round led by Guggenheim Investments and Qatar Investment Authority. The round gave Group One a post-money valuation of $1.35bn.
Thompson Street Capital Partners closes its sixth private equity fund with more than $1.5bn of commitments.
Thompson Street Capital Partners, a private equity firm focused on investing in founder-led middle market businesses, announced the closing of its sixth committed capital investment fund, Thompson Street Capital Partners. The fund was oversubscribed with total commitments exceeding the $1.5bn target.
"Our focus when we launched the firm 22 years ago was to invest in exceptional companies and facilitate their strategic growth, and our track record illustrates we've done exactly that. The support for TSCP VI from both existing and new investors has been excellent, demonstrating confidence in the strength of our team and the success of our investment approach," Jim Cooper, TSCP Founder and Managing Partner.
Butterfly closes $1bn food-focused fund.
Butterfly, a Los Angeles-based private equity firm specializing in the food sector, recently announced the closing of its sophomore fund. Nearly doubling in size from the previous vintage, the fund closed with commitments of $1bn from a wide range of partners including institutional investors, family offices, entrepreneurs, and food investors.
“We are beyond excited to announce the closing of this sophomore fund and are overwhelmed by and thankful for the receptivity and support we have received from our investors and their confidence in our team,” Adam Waglay, Butterfly Co-Founder and Co-CEO.
Apogem Capital closes its sixth and largest secondary fund at $614m.
Apogem Capital held a final close for PA Secondary Fund VI with approximately $614m in total commitments. The fund exceeded its target fund size of $500m and more than doubled the size of its predecessor fund.
“We believe our leadership position in the middle market is even stronger following the closing of the merger with PA Capital, Madison Capital and GoldPoint Partners. We offer innovative and timely solutions to LPs and GPs and believe our PASF VI program1, which represents almost $900m in committed capital, has never been more relevant. The addressable universe of middle market LP and GP secondaries that we pursue continues to grow, and we feel we are exceptionally well positioned given our multi-decade history in the space,” Michael Zeleniuch, Apogem Capital Managing Director.
Texas Teachers makes $350m commitment to $30bn target Brookfield infrastructure fund.
Teacher Retirement System of Texas has made a commitment of $350m to the fifth global infrastructure fund from Brookfield. Brookfield's previous global infrastructure fund, BIF IV, raised $20bn at its final close in February 2022, significantly in excess of its original $17bn target, and the firm is expecting similar strong support for its latest fund.
In addition to the BIF commitment, TRS of Texas has added I Squared Capital Advisors as a new manager in its infrastructure portfolio through a $100m investment in the ISQ Growth Markets Infrastructure Fund, which has a $2.5bn target to invest in emerging markets assets.
Quona Capital secures capital commitments worth $308m.
Emerging markets-focused venture capital firm Quona Capital has secured capital commitments worth $308m so far for its third fund, according to US Securities and Exchange Commission.
The fundraising only reflects the amount raised from US investors. Quona Capital is a venture capital firm that invests in growth-stage financial technology companies in emerging markets.
CoinFund announces new early-stage $300m web3 venture fund.
CoinFund, a web3 and crypto-focused investment firm and registered investment adviser, is delighted to announce the launch of CoinFund Ventures I, their new $300m early-stage venture capital fund, backed by a combination of sophisticated institutional investors, family offices, and crypto-native founders.
Ventures I seeks to back the most ambitious founders across blockchain sub-sectors, demonstrating early traction and large potential market sizes. The launch of Ventures I demonstrates CoinFund’s conviction that web3 is an enormous and important architectural transition impacting the future of the internet, financial services, and intellectual property, and their belief that web3’s evolution will continue to progress through all market cycles.
A number of current CoinFund seed-stage portfolio companies are preparing to raise Series A funding and wish to maintain the support and partnership of CoinFund’s crypto native investing team and its “founders first” philosophy. In addition to making early-stage, venture-scale investments in existing portfolio companies, Ventures I will seek to partner with new and ambitious founding teams.
Shima Capital debuts with a $200m fund.
Shima Capital, a global venture firm that invests in early-stage blockchain companies across all market cycles, announced that it has launched its debut fund, Shima Capital Fund I, and has collectively raised $200m. The Fund received significant support from notable investors, including Dragonfly Capital, Bill Ackman, Animoca, OKex, Mirana Ventures, Republic and Andrew Yang.
"We at OKX Blockdream Capital believe that Shima Capital has shown promising results in being able to identify paradigm shifts in the cryptocurrency industry. We are looking forward to establishing a working relationship with Shima Capital alongside its other LPs," Jeff Ren, OK Group Head of Investment.
GTCR forms Portfolio Resources Group to support portfolio company growth.
The members of GTCR’s Portfolio Resources Group are expected to bring enhanced capabilities and resources to aid in management’s value creation plans. Consistent with GTCR’s Leader’s Strategy approach, PRG team members will work with a partnership orientation to collaboratively and constructively assist portfolio company leadership on key initiatives determined by management and company boards of directors.
The PRG will supplement portfolio company support provided by the firm’s investment teams as well as GTCR’s in-house functional leaders in such areas as finance, legal, compliance, marketing/communications, leadership, information technology and ESG-DEI.
“Joe brings a wealth of experience to GTCR, and he will help our portfolio company leadership to better assess and manage security risks within their organization and to enhance data management generally. Given the risks in today’s world, and with the rapid changes in security technology, it is important that GTCR offers support to our management teams in this critical area,” Aaron Cohen, GTCR Managing Director and Head of Financial Services & Technology.
Roy Kabla to lead Barclay's media and entertainment unit.
Barclays has hired Roy Kabla to lead its media and entertainment investment banking unit.
Kabla, who was co-heading the TMT division of Houlihan Lokey, will report to Eric Federman, global head of communications and media investment banking.
EMEA
FPE Capital, a private equity firm, completed an investment in Global App Testing, a web and app testing platform to the software development community. Financial terms were not disclosed.
“We could immediately see the value that Ronald and Owais had built and we developed a very positive chemistry with them as we discussed with them the next steps in supporting their continued growth. We are excited to be working with them on the next part of this journey," Llewellyn John, FPE Partner.
FPE Capital was advised by Continuum Advisory, Fairgrove, RSM International, Stephenson Harwood and Intechnica. Debt financing is provided by FRP Advisory and Santander. Global App Testing was advised by AGC Partners, Osborne Clarke and Grant Thornton.
Pemberton, an alternative credit specialist, provided financing to support global asset management firm CVC Fund's acquisition of Neolith, a specialist in the design and production of sintered stone services serving multiple end-markets.
Pemberton has financed Neolith since September 2019, when it supported independently managed investment company InvestIndustrial's acquisition of the company. The transaction marks Pemberton's first deal with CVC Funds, which purchased Neolith after InvestIndustrial put the company up for sale earlier this year.
CVC is advised by Freshfields Bruckhaus Deringer, Perez Llorca and Grupo Albion. Debt financing is provided by Pemberton. InvestIndustrial is advised by Bain & Co, Evercore, KPMG, Uria Menendez and Maitland.
I Squared Capital, a private equity firm, withdraws its $1.5bn offer to acquireFirstGroup, a bus and train operator.
"The board, having carefully evaluated the Proposal together with its advisers, concluded that the cash component significantly undervalues FirstGroup's continuing operations and its future prospects, and the contingent value does not provide shareholders with sufficient certainty," FirstGroup.
The Competition and Markets Authority has found that the anticipated purchase of Castik Capital-backed Waterlogic, an innovative designer, manufacturer, distributor, and service provider of drinking water dispensers and accessories, by BDT Capital-backed Culligan, a provider of water solutions and services, could lead to a loss of competition in the supply of multifunctional taps to business customers in the UK.
The CMA is concerned that this merger would leave just three large suppliers of multifunctional taps to business customers in the UK, leading to higher prices or lower quality of service. Culligan and Waterlogic have now 5 working days to submit proposals to address the CMA's competition concerns.
"Multifunctional taps are an increasingly popular option for employers who need to make drinking water readily available to employees and want to reduce waste. By removing a key player that offers this product, this deal could lead to higher costs to businesses and lower quality service. If the merging businesses can offer a suitable way to address this issue, then we won't need to move to a more in-depth investigation," Sorcha O'Carroll, CMA Senior Director of Mergers.
Castik Capital is advised by Skadden Arps Slate Meagher & Flom. Culligan is advised by Davis Polk & Wardwell and Brunswick Group.
EQT, a private equity firm, agreed to acquire a 13.6% stake in Karo Pharma, a pharmaceutical company, for $217m.
“Having worked closely with Karo Pharma’s management, board of directors, and employees for the past three years, we believe that the company today is in a good position to enter its next phase of development. Looking ahead, we see great potential in continuing to develop Karo Pharma’s product portfolio and commercial capabilities, expanding into new markets, channels and categories and increasing investments into the platform and via M&A. However, for Karo Pharma to reach its full potential we are convinced that its continued value creation journey is best suited to a private environment," Erika Henriksson, EQT Partner.
EQT is advised by SEB Corporate Finance and White & Case.
Apollo, through its managed investment vehicles, acquired an 11.1% minority stake in Aldar Investment Properties, a subsidiary of Abu Dhabi-listed Aldar Properties and the region’s largest institutional-class real estate platform, following the completion of a $400m transaction. The acquisition is part of the previously announced $1.4bn investment by Apollo into Aldar’s transformational growth initiatives.
"We welcome Apollo as strategic investors in Aldar Investment Properties at a time when we are building significant scale, diversification, and synergies across the region’s premium platform for property ownership. Apollo is a highly respected global investor, and this commitment displays strong belief in Aldar’s transformational growth agenda and reinforces the reputation of the UAE and Abu Dhabi, which is experiencing a trend of increasing capital inflows from long-term institutional investors," Talal Al Dhiyebi, Aldar Properties CEO.
Aldar is advised by Brunswick Group.
GRO Capital, a private equity fund, agreed to acquire a majority stake in Netigate, a provider of cloud-based experience management platform. Financial terms were not disclosed.
“Netigate is currently on an exciting journey to become Europe’s leading experience platform in the mid-market. With the increasing competition for both talent and customers, capturing and taking action on feedback across the entire employee and customer journeys is essential for companies’ competitiveness and survival. With GRO Capital, we now have strong support and investment to further our goal of being the leader in the mid-market,” Mikkel Drucker, Netigate CEO.
Netigate is advised by Houlihan Lokey.
D2 Investments, an early stage technology investor, led a $262m Series C funding round in DriveNets, a provider of cloud-native networking solutions, with participation from Bessemer Venture Partners, Pitango, D1 Capital, Atreides Management, and Harel Insurance.
“DriveNets’ approach of building networks like cloud allows telecom providers to take advantage of technological efficiencies available to cloud hyperscalers, such as cloud-native software design and optimal utilization of shared resources across multiple services. This latest round of investment demonstrates our investors and customers’ confidence in us and will enable us to expand the value and global operational support we offer them," Ido Susan, DriveNets Founder and CEO.
Saudi Wealth Fund buys $7bn US stocks amid recession fears.
Saudi Arabia’s sovereign wealth fund invested more than $7bn to build new positions in US stocks including Amazon.com, Alphabet, BlackRock and JP Morgan as markets were battered by recession fears, Bloomberg reported.
The $620bn Public Investment Fund also added to positions it held in Facebook owner Meta Platforms, PayPal and Electronic Arts in the second quarter. The acquisitions show that the PIF, as the fund is known, is doubling down on its bet on technology investments despite a rout in valuations.
Thoma Bravo considers taking Darktrace private.
Thoma Bravo, a US-based expertise personal fairness group, is contemplating a bid to privatize Darktrace, a cyber safety expertise firm suggested by former Autonomy head Mike Lynch, FT reported.
Thoma Bravo has begun discussions on a money takeover provide for Darktrace, the UK-based firm stated in a regulatory disclosure. It has a market capitalisation of £2.67bn($3.22bn).
Owners of Madrilena Red de Gas aim to launch a $2.1bn sale in September.
The owners of Madrilena Red de Gas, a major Spanish natural gas network, are preparing to launch a sale process in September with a targeted valuation of up to $2.1bn, seeking a buyer who will advance its efforts to transition to low-carbon fuel.
Madrilena Red de Gas' big shareholders include Dutch pension fund PGGM and Chinese sovereign fund Gingko Tree Investment with stakes of 33.75% each as well as the EDF Invest arm of French electric utility EDF with 20% and UK's Lancashire County Pension Fund with 12.5%.
The shareholders hired RBC Capital Markets to conduct a strategic review of the company. The bank now plans to launch a sale process after the summer, Reuters reported.
Rothschild's buyout fund tests appetite for $1.5bn software firm A2Mac1.
Rothschild's private equity arm is sounding out prospective bidders to launch the sale of a majority stake in French automotive software firm A2Mac1, a deal valued at up to $1.5bn.
Five Arrows Principal Investments, which is owned by Rothschild and manages $2.85bn of capital focused on mid-market investments in Western Europe - is holding preliminary talks with a series of private equity firms ahead of an auction process in September, Reuters reported.
A2Mac1 provides vehicle data and analysis tools to original equipment manufacturers while also specializing in benchmarking solutions for the car industry.
Harris family in talks to acquire Butlin from Blackstone Group.
Harris family, a developer of leisure retreats, in talks to acquire Butlin, a chain of large seaside resorts, from Blackstone Group, a private equity firm, in a deal worth more than $364m.
The transaction, which may come as soon as next week, would follow the sale of Butlin’s holiday park sites to private pension fund USS last month, Bloomberg reported.
Thoma Bravo to open new London office.
Thoma Bravo, one of the private equity players in the global software investment space, is to open its first office in London.
The firm has signed an agreement to take two floors of Norfolk House, a newly-redeveloped office block in St James’s Square, in London's West End, adding to its existing offices in Chicago, Miami, and San Francisco.
The move will see Thoma Bravo join an influx of PE firms to St James's Square, with Cinven, Glendower, Astorg, and PAI all having offices there.
Thoma Bravo is one of the largest private equity firms in the world, with more than $114bn in assets under management as of March 31, 2022.
IK Partners prepares Quanos exit, Raymond James advises.
IK Investment Partners is getting ready to exit its portfolio asset Quanos Content Solutions, a German digital documents and business software provider, Unquote reported.
Established in 1989, IK Partners is a European private equity firm which has successfully supported and rewarded its investors and business partners by placing people at the centre of its strategy.
Norway's wealth fund loses record $174bn in first half of 2022.
Norway's sovereign wealth fund, the world's largest, made a record loss of $174bn in the first half of 2022 as stocks and bonds were hit by global recession fears and rampant price inflation, Reuters reported.
The $1.3tn fund's return on investment was a negative 14.4% for the January-June period, which was still 1.14 percentage points ahead of the return on its benchmark index.
"The market has been characterised by rising interest rates, high inflation, and war in Europe," Chief Executive Nicolai Tangen of Norges Bank Investment Management, which operates the fund, said in a statement.
Golding Buyout 2021 holds first close at $158m.
Golding Capital Partners, an independent asset managers for alternative investments, has held the first closing of its fund Golding Buyout 2021 at €155m ($158m).
The fund will construct a selected portfolio of primary funds in Europe and the USA, with a focus on small and medium-sized companies in Europe and the USA operating in the sectors of technology, healthcare, and B2B services. The portfolio will be balanced by opportunistic secondary and co-investments to further optimize its performance.
When it is fully committed, the fund ”Golding Buyout 2021” will, like its successful predecessors, have a broadly diversified portfolio of more than 300 individual investments that promise attractive return opportunities and spread risks.
E.ON backs Future Energy Ventures on the launch of the Independent Climate Tech Fund.
E.ON’s current venturing team, Future Energy Ventures, has established a new, independent Luxembourg-domiciled venture capital fund, Future Energy Ventures Fund I. E.ON, one of Europe’s largest operators of energy networks and energy-related infrastructure, has committed to be an anchor investor in the fund.
The fund will focus primarily on Series A and B investments in digital and scalable business models that aim to transform the traditional energy value chain towards net zero. The fund has three core investment themes within the energy sector: future energy, future cities, and future technologies. It aims to funnel 100% of its capital toward sustainable investments in accordance with Article 9 of the SFDR regulation. It will target the innovation hubs of Europe, North America and Israel. With a total target size of $256m.
APAC
Private equity firms The Carlyle Group and Abingworth Management, led a $170m round in Opthea, a biopharmaceutical company.
"Opthea is thrilled to enter this strategic arrangement with Launch Tx, and to receive funding from world-leading investors in Carlyle and Abingworth. This strategic transaction is expected to fund us through Phase 3 topline data expected in mid-2024 and strengthens our strategic position to maximize the value of OPT-302. This transaction with Launch Tx is non-dilutive for shareholders of Opthea, and we are proud to have been selected as Launch Tx’s first partner since its formation," Megan Baldwin, Opthea CEO.
Opthea was advised by Cooley, Gilbert + Tobin, Argot Partners and Monsoon Communications. Abingworth Management was advised by DLA Piper and Goodwin Procter. Carlyle was advised by Debevoise & Plimpton.
Thoma Bravo, an American private equity and growth capital firm, offered to acquire Nearmap, an Australian aerial imagery technology and location data company, for $755m.
Nearmap, whose offerings are used in surveillance, architecture, engineering and construction, said it had received several other expressions of interest, but none of them was considered to be in the best interest of shareholders.
Nearmap is advised by Citigroup, DLA Piper and Citadel Magnus.
Renewable energy developer Genex Power received a sweetened buyout offer of about $243m from a consortium led by Atlassian co-founder Scott Farquhar, Reuters reported.
The consortium, which includes Farquhar's Skip Essential Infrastructure Fund and Stonepeak Partners, raised its offer from $0.16 per share to $0.173 apiece. The latest bid represents a 13.6% premium to Genex's last close. Genex said its board would recommend the proposal if the private equity firms make a binding offer.
Genex Power is advised by Goldman Sachs, Gilbert + Tobin and Domestique.
RATCH Group, a Thailand-based independent power producer, agreed to acquire the portfolio of Australian and Southeast Asian energy assets from Denham Capital-backed Nexif Energy, the renewables-focused power development and investment company, for $1bn.
"Nexif Energy executes on a market need based strategy. In Australia, we have developed and implemented a firmed renewable strategy around the Lincoln Gap Wind farm supported by Snapper Point gas-fired Peaker and BESS play. Furthermore, in Vietnam, we’ve delivered a project based on small Hydroelectric generation with peak storage together with onshore and offshore wind and solar and in Philippines an innovative long term contract structure for solar in an open access market. In Thailand, we have delivered a cutting-edge technology-backed cogeneration project achieving the highest energy efficiency in the country," Matthew Bartley, Nexif Founder and Managing Director.
Nexif Energy is advised by Citigate Dewe Rogerson. Denham Capital is advised by FTI Consulting.
Abu Dhabi Investment Authority, a private equity firm, agreed to acquire a 10% stake in Aditya Birla Health Insurance, an insurance services provider, for $84m.
"This partnership with ADIA strengthens our resolve to further expand the company’s ‘Health-First’ proposition, as we empower our customers to lead a healthy life. We remain committed to this promise and have reimagined our business model and customer engagement accordingly, by creating differentiated products, a digital health ecosystem and a large distribution presence across the country. ABHI remains committed to grow the reach and impact of the nascent health insurance market in India," Mayank Bathwal, Aditya Birla Health Insurance CEO.
ABHI is advised by Cyril Amarchand Mangaldas.
ETS Global, a digital business solution company, and Bodhi Tree, an investment firm, led a $210m funding round in UpGrad, an online higher education platform with participation from Kaizen Management Advisors, Ambuja Cements, ACC, Artisan Investments, Temasek, IFC and IIFL.
“We are excited to invest in, and partner with, upGrad to help accelerate its growth. India continues to be a priority country for ETS, and we are dedicated to strategically increasing our footprint in this key market. Our partnership with upGrad will help to advance our shared mission of providing educational opportunities for all learners, in the South Asia region and around the globe," Ralph Taylor-Smith ETS Strategic Managing Director.
Panorama Capital, an investment firm, completed a $147m investment in Jayson, a Shanghai-based battery material supplier.
“The overall industrial chain of new energy vehicles has passed its most nascent stage, gradually moving from a time when players were heavily reliant on the government’s subsidy policy to a more mature phase at which business decisions are largely based on the market demand,” Liu Tong, Panorama Capital CIO.
Ontario Teachers' Pension Plan Board, a pension fund, agreed to acquire a majority stake in Sahyadri Hospitals, a private hospital chain, from Everstone, a private equity and real estate investment firm. Financial terms were not disclosed.
"We are pleased to acquire a majority stake in Sahyadri Hospitals, which is our first control private equity buyout in India, and our fourth major investment in the country over the last 12 months. We believe we can leverage our significant global experience in the healthcare sector to help scale the company into a national healthcare provider in the coming years," Raju Ruparelia, OTPPB Senior Managing Director.
KKR exits Indian hospital chain Max Healthcare pockets over $1bn.
Global private equity major KKR sold its entire 27% stake in Indian hospital chain Max Healthcare through its affiliate Kayak Investments, in one of the largest bulk deals in recent months, DealStreetAsia reported.
Abrdn sells £225m shareholding in HDFC Asset Management.
Abrdn, a private equity firm, said it has sold 12.8m shares in HDFC Asset Management for £225m ($271m), with the proceeds to be used for general corporate purposes.
The FTSE 100-listed investment company said it sold the 6% shareholding on the National Stock Exchange of India and Bombay Stock Exchange for $24.33 a share. Following the sale, abrdn now holds a 10.21% stake in HDFC AMC through subsidiary abrdn Investment Management.
South Korea's Kakao drops plan to sell stake in the taxi-hailing unit.
South Korean tech conglomerate Kakao said it is no longer exploring plans to sell about 10% of unit Kakao Mobility after objections from unionized employees and other stakeholders.
Kakao holds a 57.6% stake in Kakao Mobility, whose app Kakao T offers South Korea’s most popular taxi-hailing service with 31m registered users.
Kakao Mobility, whose investors include Alphabet’s Google and private equity firms TPG and Carlyle, has also been exploring an IPO. It hired financial advisers in March, including Credit Suisse and Citigroup, but has currently paused any specific actions toward a listing.
Brazil Burger King owner snubs Abu Dhabi state investor Mubadala's takeover bid.
The owner of Burger King Brazil, Zamp, said its board of directors opposes Abu Dhabi state investor Mubadala Capital takeover bid for the firm, voicing its objection weeks before shareholders decide on the deal.
Zamp, previously known as BK Brasil Operacao e Assessoria a Restaurantes, is the master franchisee of the Burger King brand in Brazil, operating around 850 stores.
“The company’s board of directors expresses an opinion against the acceptance of the offer by its shareholders,” Zamp.
The Indian government taps TPG, Carlyle, Fairfax for IDBI Bank stake sale.
The Indian Government have approached global buyout funds and financial institutions, such as Carlyle Group, TPG Capital and love controlled fairfax Holdings, to measure investor interest in buying a majority stake held directly by the centre government and the (bail-out) lender.
“The talks are in the early stages and the government has not yet fixed any deadline for the stake sale. However, buyout funds and some domestic-related strategic investors have been excluded.”
In addition to this, KPMG is helping with the transaction process and the proposed disinvestment of government equity in the bank has reportedly received the approval of the central bank.
Cashed-up Bailador eyes Aussie tech sell-off.
Australia’s only listed venture capital business Bailador is hunting for opportunities in the tech sell-off, flush with cash after wins from exiting a significant proportion of its portfolio investments last financial year.
The tech-focused fund’s cash profile has jumped to almost 50% after fully realising investments in advertising measurement company Standard Media Index and open-source database business Instaclustr in the second half of financial year 2021-22.
Centurium Capital-backed Taibang picks CICC and JP Morgan for its $6bn Hong Kong IPO.
Centurium Capital-backed Taibang Biologic Group, a plasma-derived biopharmaceutical product maker, has chosen banks for an initial public offering in Hong Kong.
Taibang Biologic was listed in New York until 2021, is working with China International Capital and JP Morgan on the proposed share sale. The listing could take place as soon as next year and could value the company at as much as $6bn, Bloomberg reported.
Blackstone-backed PAG weighs delaying $2bn Hong Kong IPO.
PAG, an Asia-focused private equity firm backed by industry giant Blackstone, is considering a delay of its planned initial public offering in Hong Kong amid market volatility, Bloomberg reported.
The firm, led by Chinese dealmaker Weijian Shan, is now more likely to make its debut in 2023. PAG is keen to avoid the sale taking place against a backdrop of stock market volatility, potentially leading to investors demanding steep discounts and seeing weak trading in the first days after listing.
Qiyuan raise $147m amid carbon-neutral fad.
Qiyuan Green Power, a green energy solutions provider, affiliated with China’s state-owned electricity supplier State Power Investment, has raised $147m in a Series A round of financing.
In a statement, Qiyuan said it secured investments from corporates in the green energy sector and multiple institutional investors but did not disclose their names.
EarlySalary in talks to raise $110m in TPG-led funding.
EarlySalary, an Indian digital lending startup, is in talks to raise $110m in a round led by private equity firm TPG Capital.
Norwest Venture Partners will also come in as a new investor in the deal, which involves some existing investors paring stakes, DealStreetAsia reported.
TRS commits $100m to Baring PE Asia's eighth buyout fund.
US pension fund Teachers’ Retirement System of the State of Illinois has committed a total of $100m to Hong Kong-based Baring Private Equity Asia’s eighth pan-Asia buyout fund, DealStreetAsia reported.
The commitment includes $75m for Baring Asia Private Equity Fund VIII and another $25m for Baring Asia Private Equity Fund VIII – Annex A. Baring currently manages $340m in TRS assets.
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